Talking money with friends and family can be a little awkward, but when it’s revealed to the world that you banked a R100 million bonus in the past fiscal year the backlash can be swift.

Following the announcement of Whitey Basson’s bumper payday, many around the country were quick to point out the monstrous pay discrepancies between Basson and other staff members.

CapeTalk and their financial experts discussed that backlash HERE, but perhaps some of the criticism levelled Basson’s way made him decide it was time to hang up his boots.

Below from BusinessLive:

Whitey Basson will be succeeded as Shoprite CEO by chief operating officer Pieter Engelbrecht [pictured below] on January 1, the grocery chain announced at its annual general meeting on Monday morning.

“Basson’s decision to retire will bring to a close a remarkable career of nearly 45 years, virtually all of which was spent with Shoprite, in which the business grew from a small eight-store chain with a value of R1m to a globally respected retailer with a market capitalisation of R114bn, and over 140,000 employees today,” Shoprite said in a statement.

Basson’s expertise won’t be lost to the retail giants, though, as he will remain a nonexecutive vice-chairman to help with an orderly leadership transition.

I suppose some people can rely on a massive bonus towards the end of their career to tide them over, but for the rest of us a little planning goes a long way.

Maybe have a word with our friends at Consequence Private Wealth, because the sooner you get planning the sooner you can join Whitey with your feet up.

[source:businesslive]